The Montenegrin, who moved to the Etihad Stadium from Fiorentina in 2013, has struggled to break into the Blues' starting line-up and has alerted a number of Italian suitors
The Serie A champions have offered a €2.6 million fee to take Jovetic on loan for the rest of the season, and would be obliged to pay a further €21.6m, spread over two annual instalments, for a permanent transfer.
A number of Italian clubs have shown an interest in the former Fiorentina striker ever since his move to England in 2013.
The 25-year-old's first season in English football was plagued by injury, which alerted a number of suitors to his potential availability.
City resolved to keep him, however, and he started the 2014-15 season as one of just three strikers at the Etihad Stadium following the departure of Alvaro Negredo to Valencia.
But his suitors have returned in recent months and it is understood several teams remain interested in taking him back to Italy.
City boss Manuel Pellegrini, however, said in his Friday press conference that the €35m arrival of Wilfried Bony will not affect Jovetic's standing in the squad.
"Yes of course he has a future here, Stevan is a very important player for us. Bony arrived now in the winter transfer [window], it was a decision we took after selling Alvaro Negredo," he said.
"He is replacing Alvaro. The squad worked with Alvaro so if we sold him it was because he had a personal problem that he didn't want to continue here. But Bony just replaces Alvaro, he's not replacing Stefan Jovetic."
It is expected, though, that the Premier League champions will be tempted by the possibility of reclaiming almost all of the €29m they paid for Jovetic just 18 months ago.
City were hit with a €64m Uefa fine for breaching Financial Fair Play regulations last year, which in turn meant the club could spend a maximum of €64m in the summer transfer market, as well as keeping their wage bill level, in order to receive a refund of that sanction.
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